The AICPA’s Personal Financial Satisfaction Index (PFSi) reached a record high in the first quarter of 2018 — an indicator that Americans are still feeling positive about their financial situation, even despite recent stock market volatility.…

Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes. Due to a provision in the recently enacted Tax Cuts and Jobs Act (TCJA), a corporation with a fiscal year that includes…

Income from virtual currency transactions must be reported on individual income tax return, and the IRS says it is scrutinizing these currencies more than ever before.
Virtual currency transactions are taxable by law…

March 26, 2018

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Rapid technological advancements pose a significant challenge to internal audit functions at organizations of all sizes.
“Not only does internal audit need to have a point of view on what risks come with those technologies,” said…

The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will…

The monumental new tax law signed late in 2017 – the Tax Cuts and Jobs Act (TCJA) – has been hailed as a boon for big business. But the TCJA also benefits many small businesses while presenting new obstacles. In general, the revised rules…

January 5, 2018

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The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.
The IRS will begin…

The House of Representatives passed H.R. 1, known as the Tax Cuts and Jobs Act, a second time on Wednesday, by a vote of 224–201, after procedural objections were raised about the version of the bill the House passed Tuesday afternoon.
The…

It is important to separate business expenses from the following expenses:
COST OF GOODS SOLD
If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax…